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Wages, employment, and capital in capitalist and worker-owned firms

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Author Info
John Pencavel
Luigi Pistaferri
Fabiano Schivardi

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Abstract

The authors investigate how worker-owned and capitalist enterprises differ with respect to wages, employment, and capital in Italy, the market economy with the greatest incidence of worker-owned and worker-managed firms. Estimates calculated using a matched employer-worker panel data set for the years 1982-94 largely corroborate the implications of orthodox behavioral models of the two types of enterprise. Co-ops had 14% lower wages than capitalist enterprises, on average; more volatile wages; and less volatile employment. Given the quality of the data set analyzed, the authors argue, these results can be regarded as having broad generality. (Free full-text download available at http://digitalcommons.ilr.cornell.edu/ilrreview/.)

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Publisher Info
Article provided by ILR Review, ILR School, Cornell University in its journal ILR Review.

Volume (Year): 60 (2006)
Issue (Month): 1 (October)
Pages: 23-44
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Handle: RePEc:ilr:articl:v:60:y:2006:i:1:p:23-44

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Luigi Guiso, Luigi Pistaferri, and Fabiano Schivardi, 2005. "Insurance within the Firm," Journal of Political Economy, University of Chicago Press, vol. 113(5), pages 1054-1087, October.
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  2. Pencavel, John & Craig, Ben, 1994. "The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 718-44, August. [Downloadable!] (restricted)
  3. Will Bartlett & Saul Estrin & John Cable & Stephen Smith, 1992. "Labor-managed cooperatives and private firms in north central Italy: An empirical comparison," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 46(1), pages 103-118, October.
  4. Smith, Stephen C., 1994. "Innovation and market strategy in Italian industrial cooperatives: Econometric evidence on organizational comparative advantage," Journal of Economic Behavior & Organization, Elsevier, vol. 23(3), pages 303-320, May. [Downloadable!] (restricted)
  5. Federico Cingano & Fabiano Schivardi, 2004. "Identifying the Sources of Local Productivity Growth," Journal of the European Economic Association, MIT Press, vol. 2(4), pages 720-742, 06. [Downloadable!] (restricted)
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  6. Jones, Derek C & Svejnar, Jan, 1985. "Participation, Profit Sharing, Worker Ownership and Efficiency in Italian Producer Cooperative," Economica, London School of Economics and Political Science, vol. 52(208), pages 449-65, November. [Downloadable!] (restricted)
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